Symantec Delivers Record Revenue in Fiscal Third Quarter 2013

Symantec Corp. (Nasdaq: SYMC) today reported the results of its third quarter of fiscal year 2013, ended Dec. 28, 2012. GAAP revenue for the fiscal third quarter was $1.79 billion, up 4 percent year-over-year and up 5 percent after adjusting for currency.

Click to Tweet: #SYMC posts record third quarter results: http://bit.ly/YlGfo4

“We continue to deliver better than expected results,” said Steve Bennett, president and chief executive officer, Symantec. “I’m so proud of our employees. These types of results don’t happen by accident. The fact that we can deliver these results in a period of significant transition and uncertainty is a testament to our employees, the strength of our brand, the quality of our products and the scope of our customer base.”

“Strength in EMEA, information management and license revenue drove our FX adjusted organic revenue growth of 4%,” said James Beer, executive vice president and chief financial officer, Symantec. “Our better than expected top line growth coupled with disciplined expense management drove non-GAAP operating margins of 25.6% even as we are investing in certain areas to better serve our customer needs.”

GAAP Results for third quarter of fiscal year 2013

GAAP operating margin was 16.6 percent compared with 17.5 percent for the same quarter last year, down 90 basis points year-over-year.

GAAP net income was $212 million compared with net income of $240 million for the year-ago period, down 12 percent year-over-year.

GAAP diluted earnings per share were $0.30 compared with $0.32 for the year ago quarter, down 6 percent year-over-year.

GAAP deferred revenue was $3.806 billion compared with $3.665 billion for the year ago quarter, up 4 percent year-over-year on an actual and currency-adjusted basis.

Cash flow from operating activities was $463 million compared with $403 million for the year ago period, up 15 percent year-over-year.

Symantec ended the quarter with cash, cash equivalents and short-term investments of $4.25 billion. During the quarter, Symantec repurchased 11 million shares for $200 million at an average price of $17.94. Symantec has $283 million remaining in the current board authorized stock repurchase plan.

Non-GAAP Results for third quarter of fiscal year 2013

Non-GAAP operating margin was 25.6 percent compared with 26.2 percent for the same quarter last year, down 60 basis points year-over-year and down 80 basis points after adjusting for currency, due to increased investment in certain areas to better serve our customer needs.

Non-GAAP net income was $313 million compared to $314 million for the same quarter last year.

Non-GAAP diluted earnings per share were $0.45 compared with earnings per share of $0.42 for the year-ago quarter, up 7 percent year-over-year.

The Americas, including the United States, Latin America and Canada, represented 53 percent of total revenue and increased 3 percent year-over-year on an actual and currency-adjusted basis.

Webcast

Symantec has scheduled a Webcast from 4:30 p.m. ET/1:30 p.m. PT to 6:30 p.m. ET/3:30 p.m. PT today to discuss the Company’s strategic direction, operational plan, capital allocation strategy and financial results, including guidance. To listen to the live event and view the corresponding presentation, please go to http://www.symantec.com/invest at least 15 minutes early to register, download and install any necessary audio software. A replay of the webcast including presentation will be available within 24 hours after the event.

The 10 most powerful companies in networking Cisco AT&T Dell EMC HP IBM Intel Microsoft Symantec Verizon Cisco remains a gale-strength force in the enterprise market. Cisco Systems continues to be a buyer among a sea of for-sale signs, even if it has slow...